To: Veteran98 who wrote (69649 ) 2/17/2011 9:07:47 AM From: Veteran98 Read Replies (2) | Respond to of 233807 Madalena to restart drilling wells in Argentina Ticker Symbol: C:MVN Madalena to restart drilling wells in Argentina Madalena Ventures Inc (C:MVN) Shares Issued 257,642,885 Last Close 2/16/2011 $0.97 Thursday February 17 2011 - News Release Mr. Dwayne Warkentin reports MADALENA TO COMMENCE DRILLING OPERATIONS Madalena Ventures Inc. and its wholly owned subsidiary, Madalena Austral SA, have provided an update of their operating activities in Argentina. Drilling of the Curamhuele X-1001 exploration well is expected to recommence the week of Feb. 20, 2011. As previously announced in December, 2010, drilling had been temporarily suspended with intermediate casing set at 4,000 feet due to operational issues associated with drilling through the lower portion of the Neuquen group formation. Once drilling recommences, the well is planned to be drilled to a drilling depth of approximately 8,900 feet in order to penetrate the Lower Troncoso and Avile formations. Site preparation work to drill the Yapai X-1001 thrust play well has been completed. Once drilling operations at Curamhuele X-1001 are complete, the drilling rig will be moved to the Yapai X-1001 location situated 5 km to the south west of Curamhuele X-1001. The well is scheduled to be drilled to a minimal depth of 8,600 feet depth to penetrate the Lower Troncoso, Avile and Mulichinco formations. Following Madalena's agreement in October 2010 to acquire the operator's 20% working interest in the block, Madalena has assumed responsibility for the well planning and future drilling operations to be undertaken on the block. On the Coiron Amargo Block, drilling of the CAS X-1 exploration well in the southern portion of the block is expected to also commence the week of February 20th. The well is scheduled to be drilled to approximately 11,500 feet depth to penetrate not only the primary objective horizon in the Sierras Blancas formation, but will also allow examination of the prospective Quintuco and Vaca Muerta horizons above, and the Lotena formation below. This well will be immediately followed by the drilling of CAN X-4 in the northern portion of the block between the CAN X-1 and CAN X-2 wells. Additional capital expenditures are planned to increase production and sales from the area including possible fracture stimulation treatments of the CAN X-1 and CAN X-2 wells. In addition, plans continue to be made for a separate well to test the Vaca Muerta shale formation. On the Cortadera Block, the terms of the farm-out provide for the Farmee to carry Madalena's exploration commitments on the block including the drilling of at least one exploration well on the block to earn a 50% working interest in the block. The well, CT XP-2001, is planned to target the Mulichinco, the Vaca Muerta shale and the Tordillo formations. The environmental impact assessment submitted in December 2010 has been approved and road and site construction is now underway with drilling expected to commence in the second quarter, 2011. In preparation for future drilling operations and growth in Argentina, Madalena is pleased to announce the appointment of Mr. Ruy Riavitz as Operations Manager - Neuquen. Mr. Riavitz is a Chemical Engineer with 15 years of diversified experience in the oil and gas industry. Mr. Riavitz has extensive field operations and management experience having previously served as a reservoir engineer and operations supervisor with YPF as well as exploration and production manager with Hidensa, the state owned oil and gas company of NeuquAcopyrightn province - Argentina.